Income Tax : The scheme allows eligible taxpayers to declare undisclosed foreign income or assets with payment of prescribed dues and limited i...
Income Tax : The Finance Bill, 2026 proposes immunity from prosecution for undisclosed foreign assets below ₹20 lakh, excluding immovable pro...
Income Tax : Resident taxpayers must report foreign assets and income under Schedule FA, even if tax isn’t affected. Non-disclosure can attra...
Income Tax : Learn about the taxation of undisclosed foreign income & assets under the Black Money Act, 2015, including penalties and legal pro...
Income Tax : Explore conflicting rulings on whether bonafide mistakes in disclosing foreign assets under the Black Money Act can avoid penaltie...
Income Tax : A summary of government agencies' efforts to curb black money, including search operations, tax assessments under the Black Money ...
Corporate Law : CBDT starts a campaign for AY 2024-25 to assist taxpayers in accurately reporting foreign assets and income in ITR under Black Mon...
Income Tax : New amendments to the Black Money Act from October 2024 raise the exemption threshold for penalties on foreign assets to ₹20 lak...
Income Tax : From October 1, 2024, the Black Money Act, 2015 will be included in tax clearance certificate requirements for Indian residents le...
Income Tax : Explore Income Tax Department's advisory on reducing cash transactions. Learn about societal, individual, and national factors dri...
Corporate Law : The High Court denied bail, holding that serious allegations of loan diversion through shell entities were supported by bank recor...
Income Tax : The case involved a penalty for alleged non-disclosure of a foreign bank account. The Tribunal held that ambiguity regarding linke...
Income Tax : The issue was whether an assessment under the Black Money Act can survive once the foundational notice is held invalid. The Tribun...
Income Tax : The Tribunal held that overseas shares acquired from reinvested dividends cannot be taxed as undisclosed assets when the source is...
Income Tax : The Court upheld the deletion of penalty under the Black Money Act after finding the wife was only a joint holder and the husband ...
Income Tax : The CBDT has amended its instruction on the Black Money Act raising the exemption for prosecution to ₹20 lakh for certain foreig...
Income Tax : KSCAA urges Union Finance Minister to reform Black Money Act (BMA) penalties. Sug-gestions include amnesty, proportional fines, hi...
Income Tax : Notification designates special courts in Tamil Nadu under the Income Tax Act, 1961, and Black Money Act, 2015, for specific distr...
Corporate Law : Explore 2023 updates to Prevention of Money-laundering (Maintenance of Records) Rules. Learn how these changes impact trust, contr...
Income Tax : CBDT notifies Special Courts in Odisha vide Notification No. 127/2022-Income Tax | Dated: 26th December, 2022 under Black Money ...
CBDT starts a campaign for AY 2024-25 to assist taxpayers in accurately reporting foreign assets and income in ITR under Black Money Act compliance.
The onus was on assessee to demonstrate the extent of such assets which could be explained as having been acquired through funds which had been disclosed to the Department.
Explore conflicting rulings on whether bonafide mistakes in disclosing foreign assets under the Black Money Act can avoid penalties under Section 43.
New amendments to the Black Money Act from October 2024 raise the exemption threshold for penalties on foreign assets to ₹20 lakh. Discover the key changes.
From October 1, 2024, the Black Money Act, 2015 will be included in tax clearance certificate requirements for Indian residents leaving the country.
Read Madras High Court’s judgment granting 45 days to obtain bank statements for tax case under Black Money & Income Tax Act.
Explore the Prevention of Money Laundering Act (PMLA), its implications, recent amendments, and the role of financial professionals in combating money laundering.
Dive into the nexus between Electoral Bonds and money laundering in India, exploring legislative challenges, compliance requirements, and recent developments.
This type of black money primarily originates from illegal cash transactions. These funds often end up in foreign banks, making it extremely difficult for Indian authorities to retrieve due to geopolitical issues.
Explore implications of Black Money Act on foreign assets and income for residents. Understand disclosure requirements, penalties, and compliance to avoid legal and financial consequences.
